Moody's Analytics Rolls Out QFStudio: An Innovative SaaS Platform for Quantum Computing in Finance
Summary:
Moody’s Analytics has introduced QFStudio, a software-as-a-service (SaaS) product developed to function as a platform for integrating, benchmarking, and delivering quantum computing solutions, particularly for finance. Quantum computing technologies are expected to grow substantially, from a market value of around $138 million in 2022 to $1.2 billion by 2030 in the U.S. QFStudio aims to support the finance sector early adopters by comparing classical and quantum algorithm performance to choose the optimal solution. This move allows users to access quantum algorithms without the high costs of owning and maintaining quantum hardware.
Moody’s Analytics has indicated that QFStudio, a software-as-a-service (SaaS) product, will operate as a consistent platform for integration, benchmarking, and delivering quantum computing solutions designed especially for finance. As quantum computing is anticipated to see linear growth in the coming decades, the product could play a significant role. A recent prediction suggested the quantum computing sector increasing its market value, from almost $138 million in 2022 to $1.2 billion by 2030 in the U.S. alone.
While quantum computing is mainly centered on research and development at present, companies like IBM, Microsoft, Google, D-Wave, and Rigetti have debuted quantum, cloud quantum, and hybrid quantum computing products on the market. However, these solutions predominantly cater to early adopters investigating potential uses.
In the finance domain, companies such as Multiverse Computing are investigating the concept of “quantum advantage.” This refers to the idea that certain problems can be resolved with quantum systems in ways binary computers cannot realistically achieve.
QFStudio aims to construct a bridge for such early adopters in finance through a SaaS solution, enabling clients to juxtapose the performance of classical algorithms with quantum ones, thereby deciding on the most optimal solution for their particular issue. Clients are provided access to this service via a web-based interface or API.
At present, one of the chief barriers to quantum computing is the exorbitant costs of developing and maintaining quantum computers. Cutting-edge systems, like the gate-based quantum processors based in different universities and large tech labs, can generally only be accessed through cloud computing because of their size and infrastructure demands.
This provides researchers and commercial clients with access to quantum algorithms and quantum computing models without the need to shoulder the substantial costs of hardware maintenance.
Victor Gaspar, the chief sales officer of Multiverse Computing, was asked by Cointelegraph about the type of hardware integrated with QFStudio. Gaspar disclosed in an email reply that the algorithms were implemented on AWS GPUs and quantum annealing systems, indicating a state-of-the-art strategy for client-facing quantum SaaS applications.
Gaspar also disclosed plans to eventually start executing algorithms on gate-based processors—a cutting-edge quantum system.
The ultimate goal for quantum computing in finance is to leverage quantum algorithms to overcome the constraints of traditional binary computation. For instance, it's traditionally challenging for binary computers to accurately forecast market trends or these predictions could take too long. However, a sufficiently capable quantum system could easily handle many of these challenges.
Published At
12/6/2023 9:47:30 PM
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